Sch: A and L in inc. Tax as of 31 Mar 2024 at cost

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This query is : Resolved

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This discussion clarifies how to report Fixed Deposits (FDs) for UK tax purposes as of 31 March 2024. It confirms that all FDs held up to that date, including those renewed within the financial year or maturing in the future, should be included. The principal amount shown on the latest FD certificate is the relevant figure for determining cost. For Public Provident Fund (PPF) accounts, the final balance including accrued interest as of 31 March 2024 should be declared under 'securities'.

Kammy Singh

Kammy Singh (Querist)

19 July 2024 Sir,
What have to be shown with FDs.
1. The principal amount that are within the FY 2023-24 such as in Interest certificate issued by the bank.
2. FDs that matured and renewed principal amount within the bracket of FY 23-24.
3. All the FDs like for ex. an FD initiated say in the year 2022 but still maturing in the year 2025. is this also included.
In short all the FDs one is holding up to 31 March 2024 except the new FDs purchase after 31 March 2024.
Please clarify by giving example.
Thank you.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

19 July 2024 Yes, all the FDs one is holding up to 31 March 2024 except the new FDs purchase after 31 March 2024.

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Kammy Singh

Kammy Singh (Querist)

19 July 2024 Sir, most of the FDs are old investments that are constantly being renewed at times at maturity credited to the SB account thereafter reinvested again in FDs.
how to determine the cost.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

19 July 2024 See the latest FD certificate its principal amount will be shown there.

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Kammy Singh

Kammy Singh (Querist)

20 July 2024 Sir, what to report on PPF Excempt, would this be same as Saving's a/c. we take the 31 march balance and add it to the SB 31 mar balance in A & L?

or would it be under securities. If so what cost to show.

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

20 July 2024 Declare the final balance with accrued interest as on 31.03.3024, under securities.

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